While Disney battles Nelson Peltz, small shareholders become big

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Robert A. Iger, Disney’s chief executive, and the corporate’s 12-member board responded to rebels just like the Avengers fighting Thanos – with surprising force, that’s. They say the 13-month turnaround plan has been accomplished and point to, amongst other things, a drastic improvement in funds, a brand new strategy for ESPN within the streaming era and cuts at Marvel Studios to enhance the standard of flicks. Yes, Disney shares are down from three years ago, but they’re up from $81 six months ago.

Disney executives say the cornerstone of Peltz’s campaign is revenge. Ike Perlmutter, the disgruntled former president of Marvel Entertainment, supports him and works with him Jay Rasulo, a former Disney executive who was omitted for the highest job in 2015 and resigned. Elon Musk, who has been throwing elbows at Iger since November, when Disney and other major firms halted spending on X, was rooting for Peltz.

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Initially, it seemed that Disney could easily defeat Mr. Peltz. A parade of distinguished shareholders (George Lucas, Laurene Powell Jobs), business titans (Jamie Dimon), analysts (Guggenheim, Macquarie), shareholder advisors (Glass Lewis, ValueEdge) and Disney relations (Abigail E. Disney) advised against giving Mr. Peltz sits on the corporate’s management board.

But it was a much closer competition. Two weeks ago, the influential proxy company ISS he partially sided with Mr. Peltz, recommending that shareholders elect him to the board and recommending against adding Mr. Rasulo. ISS largely cited Disney’s failed succession planning. Tuesday, Mr. Peltz won the support of Egan-Jonesone other consulting company.

Until ISS interjected, “I was pretty sure Peltz was kind of cooked,” said Michael Levin, an independent activist investor and adviser who oversees the web site Activist Investor. Levin estimated that ISS’s suggestion could influence 5 to 10 percent of Disney’s votes, with institutional shareholders corresponding to Vanguard and BlackRock more likely to pay close attention.

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